3M Rethinking Innovation Rethinking Innovation

3M Rethinking Innovation Rethinking Innovation Rethink Innovation commences with the extremely brief presentation of the background of the 3M Company, formerly knows as the Minnesota Mining and Manufacturing Company -- more than 70,000 individuals employed, more than 50,000 product lines, sales of $15 billion and global operations in over 200 countries. It then quickly moves on to revealing the features which characterize 3M Company's stand relative to innovation.

The organization has created a strong reputation as an innovator and this is sustained through massive investments in research and development, as well as due to a well enforced organizational culture. The innovative stand generally refers to the usage of the latest technologies to enhance product development capacities; technologies are also combined with marketing to create competitive advantage.

Innovation is promoted and welcomed from all sorts of sources, including an informed suggestion from a business partner, the discovery of employees -- who are always encouraged to innovate -- or an accident. The leadership team at 3M has developed and implemented numerous sets of strategies to continually enforce innovation as a business model. Examples include the Innovator's Award or the resource slack practices. 2.

SWOT Analysis Internal Strengths: a strong reputation as an innovative player a more than century old existence which provides it with unbeatable skills and expertise sustained interest and investments in research and development a strong commitment to success through innovation a strong organizational culture which embraces change and innovation openness to suggestions and improvements coming from all sources increased product diversification which reduces the risks associated with business operations Internal Weaknesses: 3M spends an estimated $1 billion on the annual research and development operations, meaning that its generally incurs increased expenditures the focus on a clear structure is limited and this could often materialize in a decentralized control system the innovation process is also highly decentralized and lacks a clear structure External Opportunities: the growing forces of globalization continually allow it to further expand to other global regions and address new markets newer and more efficient technologies are being continually developed, meaning that the company's access to hi-tech applications and innovations is increasing External Threats: the forces of globalization have also translated into the ability of foreign competitors to increase the pressures felt by the 3M Company the internationalized economic crisis has reduced the demand for the 3M products and services not just within the United States, but also at a global level 3.

Comment The article in its essence is characterized by an intriguing structure. Lacking in an introductory part and in explanatory paragraphs that introduce the reader to the story, it can be perceived as "skimpy." On the other hand, the same features make it easy to read and follow through. In terms of the organization and its stand on innovation, it is important to notice the increased emphasis placed by the 3M leaders on the organizational culture.

Innovation in itself represents a culture of change, in which the current features are continually replaced by newer items which provide more benefits. While it is in fact crucial to create a culture that engages the staff members in the process of innovation, there are also other elements which must be granted, if not the same, maybe even more, attention. Some examples in this sense include market research to identify new needs and adjust to them or responses to the innovation strategies implemented by the other players in the industry. 4.

Bootlegging Bootlegging is generically understood, hereby, as a less formal type of employee empowerment, in the meaning that the supervisors turn a blind eye whenever the employee seems to be working on an innovative idea, rather than focusing on his/her given tasks. Generally speaking, the successful implementation of such a business model implies countless risks and requires extremely responsible staff members. In the case of 3M however, it can be seen as a fruitful approach as the.